Ferroglobe (GSM) Reports In-Line Q4 EPS, Revenues Beat

Ferroglobe (NASDAQ: GSM) reported Q4 EPS of ($0.05), in-line with the analyst estimate of ($0.05). Revenue for the quarter came in at $603.5 million versus the consensus estimate of $486.22 million.

• Q4 2018 results:
  • Sales of $603.5 million, compared to $526.8 million in Q3 2018 and $468.2 million in Q4 2017
  • Net loss of $(15.2) million compared to a net loss of $(2.9) million in Q3 2018 and a net profit of $6.3 million in Q4 2017
  • Adjusted net loss attributable to the parent of $(7.0) million compared to an adjusted net profit attributable to the parent of $0.1 million in Q3 2018 and $8.1 million in Q4 2017
  • Adjusted EBITDA of $32.1 million compared to $45.0 million in Q3 2018 and $53.7 million in Q4 2017
• Full Year 2018 results:
  • Sales of $2.27 billion compared to $1.74 billion in 2017
  • Net income of $83.5 million compared to a net loss of $(5.8) million in 2017
  • Adjusted net income of $52.1 million compared to $18.5 million in 2017
  • Adjusted EBITDA of $253.1 million compared to $184.5 million in 2017
• Net debt at $428.8 million as of December 31, 2018, compared to $510.9 million at the end of the prior quarter
• On February 22, 2019, Ferroglobe obtained the consent of its lenders for an amendment to its existing revolving credit agreement

“Volumes were strong in Q4, compensating for some of the weakness we experienced at the end of Q3, while pricing in our main products weakened further as a result of challenging market conditions,” said Pedro Larrea, CEO of Ferroglobe. “Our cash generating initiatives in the second half of 2018 delivered a significantly improved balance sheet at the end of the year.”

For earnings history and earnings-related data on Ferroglobe (GSM) click here.

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